DTS Sells Digital Images Business to Reliance Big Entertainment
Agoura Hills, Calif. — April 8, 2008 — DTS, Inc. (Nasdaq: DTSI) today announced that the Company has completed the sale of its Digital Images business to Reliance Big Entertainment Ltd., a member of the Reliance ADA Group of India.
The sale, which closed on April 4 for approximately $7.5 million in cash, marks DTS’ exit from the image enhancement and restoration services business.
“We are pleased to have completed this transaction, which takes us one step closer to our goal of focusing entirely on our consumer business,” commented Jon Kirchner, president and CEO of DTS, Inc. “We are delighted to have concluded a deal with a global industry leader in the media and entertainment space that will continue to build on the considerable talent and technology of the Digital Images business and continue to serve our long-term customers.”
“DTS Digital Images, also popularly known as Lowry Digital Images, enjoys a superb reputation as the premier film imaging and restoration facility. The company fits well with the Digital Services strategy of the Reliance ADA Group in the global media and entertainment space,” said Anil Arjun, Senior Vice President of Reliance.
About DTS Digital Images
DTS Digital Images is a market leader in the digital restoration and enhancement of moving pictures. It delivers stunning picture quality using groundbreaking algorithms developed by visionary founder John Lowry. The company specializes in solving difficult film imaging problems like flicker, color breathing, dye fading, jitter and weave, mis-registration, film damage, dirt, grain buildup and lost detail. It also specializes in repairing video images with problems like dead pixels, sensor patterns, RF interference, high noise levels, poor focus and many others. DTS Digital Images has restored more than 300 of the world’s most recognized feature films with output to DVD, HiDef, 35mm film, Digital Cinema, and IMAX®. The company also works its magic on movie and television projects in production today, salvaging shots damaged in camera, in the lab, or even in airport X-ray scanners.
About Reliance ADA Group and Reliance Big Entertainment Ltd.
The Reliance Anil Dhirubhai Ambani Group (www.relianceada.com) is among India’s top three private sector business houses on all major financial parameters, with a market capitalization of US$81 billion. The interests of the Group comprise communications, financial services, generation, transmission and distribution of power, infrastructure and entertainment. As part of the Reliance ADA Group, Reliance Big Entertainment is spearheading the Group’s foray into the media and entertainment space and is building a significant presence in the Entertainment eco-system: across content, distribution platforms and services